People Moves

The Bank of New York Company has expanded roles for several of its top executives, including Vice Chairman Bruce Van Saun, who will now assume leadership of the Bank's market-related businesses including asset management, private banking, global markets and securities lending.

Van Saun, who has been with the firm since 1997, will continue to oversee the capital markets business and the corporate development function. He will relinquish his duties as chief financial officer as he moves to this new role, and Senior Executive Vice President Thomas Gibbons will become the new cfo.

Hedge Fund firm Magnetar Capital has hired Michael Gross as a senior partner and co-chairman of the firm's investment committee. Gross, founder and former partner of private equity firm Apollo Management, will also serve as chief investment officer for the $3 billion firm's credit and private investment businesses. He will be based in New York. In addition to hiring Gross, earlier this week Magnetar added former Cooper Neff Group CEO Andrew Sterge to head up its reinsurance business, continuing hedge funds' march into that industry.

The $3 billion Evanston, Illinois-based Magnetar founded a reinsurer in Bermuda, Pulsar Re, earlier this year.

Robert Glauber is taking his leave of the NASD a little early. Glauber, who has headed the regulator for six years, as CEO since 2000 and chairman since 2001, had intended to leave at the end of the year, but instead will depart on Aug. 31.

"I came to the NASD six years ago with the goal of transitioning the organization away from owning markets, and focusing it solely on its regulatory mission," Glauber explained. "With NASD's recent sale of its last remaining stake in Nasdaq and with the SEC approval of Nasdaq's request to operate as an exchange beginning Aug. 1, NASD has succeeded in making that transformation."

Hoping to attract hedge fund and family office money, new exchange-traded fund firm WisdomTree Investments has named an alternative investments veteran as director of institutional ETF sales. Andrew Malloy joins the New York-based firm from family office money manager TAG Associates, where he led the development of its fund of hedge funds.

Hedge fund Magnetar Capital has added former Cooper Neff Group CEO Andrew Sterge to head up its reinsurance business, continuing hedge funds' march into that industry. The $3 billion Evanston, Ill.-based Magnetar founded a reinsurer in Bermuda, Pulsar Re, earlier this year.

"Andy is a pioneer in quantitative investment strategies," Magnetar co-founder Alec Litowitz said. "I am confident Andy can build an advantaged reinsurance platform that will serve as an important part of a diversified mix for our investors. Sterge, who will work out of Magnetar's Philadelphia-area office, is a

State Street Global Advisors has revealed that is has boosted its alternative strategies offerings and formed a new team to lead the expansion effort.

The firm, which has managed absolute return strategies for over a decade, this week announced a series of new strategies, including currency, long/short, market neutral, fixed-income arbitrage and equity hedge/directional. The new offerings have approximately $4 billion in assets under management.

Global fund-of-hedge funds manager Financial Risk Management has hired Andy Brindle to join the New York office as chief executive officer of FRM's U.S. affiliate, FRM Americas. Additionally, Carrie McCabe, who previously served as ceo of FRM Americas, has been appointed to the newly-created position of president of FRM Americas. Most recently Bridle served as global head of JP Morgan's credit derivatives business in New York.

Brindle will report to Blaine Tomlinson, founder and group ceo. His responsibilities will include providing local management oversight for all FRM activities in the U.S. and directing the activities of the New York management team. He will also serve as a member of the Board of FRM Americas, the Global Advisory Committee, the Investment Committee and the Portfolio Management Committee.

Fund-of-hedge funds firm The Torrey Funds has hired Sean Ballard as v.p. of marketing. Ballard replaces John Stimpson, who left the firm to join Deutche Bank Asset Management earlier this year.

Ballard joins the New York-based firm from Goldman Sachs.

Ricardo Cortez, president of the private client group at The Torrey Funds, said that until now, the firm has been focusing on private clients, but Ballard has been tasked with helping to expand the client base to include large institutional investors, as well as focus on client communication.

Ospraie Management has hired Michael Fischer as general counsel at the firm, a position that was previously been held by Eric Vincent, who has been wearing many hats at the New York-based hedge fund. Vincent will continue to serve as president.

Hedge fund firm Old Hill Partners is beefing up its structured finance team, bringing on Brian Schwartz as a commercial mortgage-backed securities trader. Schwartz joins Old Hill from RBS Greenwich Capital, where he served as a CMBS trader.

Jason Libby, who had overseen both commercial real-estate whole loan and securitized investments, has been promoted to head of the structured finance group at Darien, Conn.-based firm, and will focus exclusively on whole loan and other collateralized financing investments.

Old Hill Partners was founded in 1996 and runs five funds with more than $500 million in assets.

From the current issue of

MODERN TRADER explores the effect of a potential trade war on U.S. equity markets. Will it end the bull run or will low interest rates allow U.S. equities to maintain its momentum? Read on. We also attempt to identify the key drivers of active equity hedge funds.